Summary
Global weapons manufacturers reached record revenues in 2024, totaling $679 billion, an increase of nearly 6% from 2023. The rise is partly due to increased defense spending by various countries, amid ongoing conflicts and security concerns.
Key Facts
- Weapons manufacturers globally made $679 billion in 2024, up 5.9% from 2023.
- The increase is linked to higher defense spending following conflicts, like Russia's actions in Ukraine and tensions in the Middle East.
- Russia spent over 7% of its GDP on the military in 2024.
- The U.S. and European companies are seeing rising demand for military equipment.
- NATO countries pledged in 2025 to boost defense spending by 3.5% of GDP on military equipment.
- U.S. companies made up nearly half of the global arms revenue, led by firms like Lockheed Martin and Northrop Grumman.
- European companies also saw significant revenue growth, with the U.K.'s BAE Systems being a major player.
